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Real Estate LawElder Law and Estate Planning

Elder Law and Estate Planning

Elder law is one of the most detailed fields in law. This field of law is devoted to all legal issues that an individual may be facing when they grow old. It revolves around any concerns that you encounter as an individual when you grow old, from decision making, finances, to health.

It includes both financial and medical planning. For instance, knowing how an older person is likely to get long-term medical care and be in a position to pay for it in case they are disabled.

Elder law is quite elaborate, and while most people will associate it with Medicaid, it is also related to assisted living, Estate Planning, guardianship, and neglect.

Elder law and estate planning are two different fields and should not be confused. While elder law is independent, estate planning is a part of it.

Elder law

Our needs and concerns change as we grow older every year. For instance, when you age, you may start feeling worried about how things will turn up when you finally need to live in a nursing home or need assistance from other people.

You are also likely to imagine how you will be paying for medical care if your savings are few and you still need to live some money in the form of inheritance. Elder law is comprehensive, and it should include the following:

  1. Long-term care

Long-term care is a significant concern when you finally become old. Most people will need assistance in old age, including nursing home care for assisted living and chronic illness. It is costly to live in a nursing home, and most Americans cannot afford it at old age. When you reach out to an elder law lawyer, you can understand the medical care rules in your state and find a strategy that works for you.

  1. Government benefits 

An elder law attorney knows all about Medicare, veterans, and social security. If you want to apply for social security at old age, you will need an elder law attorney to improve your chances of qualifying.

You can get the most out of your veteran application when you hire a lawyer from Shally Chung LLC for help.

  1. Guardianship

At old age, seniors may not be able to take care of themselves and manage their finances well. For this reason, some states have rules allowing for full or limited guardianship on senior citizens. In a guardianship, the guardian is issued a full or limited power on fundamental decisions such as financial and medical.

In most cases, a guardian is a state appointee and should not be related to the senior. A court sees a friend or relative as someone with a vested interest in their assets and other properties.

Estate planning 

Estate planning is the process of getting ready for what happens to someone’s belongings and assets when they die. Most people create a will or trust to ensure a smooth inheritance of their property when they die. When you reach out to an elder law attorney, you can discuss all your options.

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